FAFSA Completion and IRS Data Retrieval

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EducationQuest Free Services ● Tools to help you: – explore careers – find scholarships – select a college ● Reference books ● Personal help with college planning* ● FAFSA completion and electronic filing* *Appointment required

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Financial aid process PIN FAFSA Processor StudentCollege SAR Award Letter Student Loan This is how the financial aid process works:

Request a PIN ● Request a PIN at pin.ed.gov – Student and one parent – Serves as electronic signature for the FAFSA ● Provide SSN, full name, address, date of birth ● Answer challenge question ● PINs never change ● PIN is used to sign FAFSA, apply for Stafford Loan, and for IRS Data Retrieval

pin.ed.gov

● Complete the FAFSA after January 1 of your senior year at fafsa.gov – Renew each year of college ● Use current student/parent tax information ● Ask college about priority filing date ● Expect Student Aid Report (SAR) Complete the FAFSA

Items needed to complete the FAFSA ● Need student and parent information: –2011 federal Income tax forms and W-2s –PINs, SSN and DOB –Untaxable income (i.e. child support and Workers compensation) –Current value of checking, savings and investments ● Find a complete list at EducationQuest.org

fafsa.gov

IRS DATA Retrieval Tool ● The IRS DRT will be available on February 1, ● The IRS DRT process will be enhanced to more effectively encourage users to link to and transfer data from the IRS. ● More applications will have more accurate data, which will contribute to increased accuracy in awarding aid.

IRS Data Retrieval Tool (IRS DRT) Enhancements ● FAFSA on the WEB applies new logic to filtering questions to determine messaging on use of the IRS DRT. ● Only displays if applicant/parent selects a tax filing status of “Already completed”.

IRS DRT Criteria ● The IRS DRT process can be used by dependent and independent students and the parents of dependent students who meet the following criteria:  Must have a valid SSN  Must have filed a 2011 IRS tax return, and  Must have an unchanged marital status since December 31, 2011.

IRS DRT Filtering Questions The student and parents, when applicable, are required to respond to the following filtering question. Check all that apply or check None of the Above.  My tax filing status is Married Filing Separately  My tax filing status is Head of Household  I filed an amended tax return  I filed a Puerto Rican or foreign tax return  I recently filed my taxes  None of the above

2012 – 2013 IRS DRT Logic ● The “My tax filing status is Married Filing Separately” and “My tax filing status is Head of Household” options are displayed only when the students or parents, when applicable, are married.

Dynamic Messaging Example  Applicant checks tax filing status of “Already completed”  IRS DRT filtering question displays.  Applicant checks “Married Filing Separately”  Receives message of ineligibility to use IRS DRT ●

Confirmation Page Notifications – IRS DRT ● Upon submission, text on the confirmation page reminds students that the IRS DRT option is the preferred method of providing tax information and they can return when their application has been processed to use the Tool. ● Customized messaging displays when the student and/or parent was eligible to use the IRS DRT and didn’t, or the student and/or parent indicated “Will file taxes”.

New IRS DRT Notifications Two types of IRS DRT notifications to encourage certain applicants, and their parents, to use the Tool.  Estimated Tax Filer – Sent to an applicant/parent who responded that he/she “Will File” taxes. Encourages use of the Tool after filing taxes.  Actual Tax Filer – Sent to applicant/parent who indicated that the tax return was “Completed” and the individual was eligible to use the IRS DRT but (1) chose not to use it or (2) used it but chose not to transfer data.

NEW IRS DRT Notification Schedule ● Applicant/Parent must have a valid address ● CPS will be queried in mid-March, 2012 for first notification ● CPS will be queried a second time in early April, 2012 for the second notification

FAFSA.gov ● Go over demo FAFSA

Verification ● IRS Transcript – Must come from IRS ( or phone request) – Self-completed or tax preparer copy invalid ● Child Support “Paid” documentation ● Food Stamps ● Verification Form – Dependent student – Parent

StudentLoans.gov ● Create an account – Social Security Number – FAFSA PIN – Date of Birth ● Complete Master Promissory Notes – Stafford – PLUS ● Complete Entrance Counseling ● Track Loan History

Questions?

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